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Assessments / Blog 2017-06-02 ES #F Breakout to the upside after spring formation All selling efforts yesterday was absorbed by the buyers and the 2416.50 level warned about yesterday was broken, and up she goes, resuming the longer term up trend. All signals were firing to the upside: Strength developed, Volume Flow turned around and was ultra-strong, the Multi Time Frame tool fired to the up side, and strong buying pressure developed, after initial selling pressure yesterday could not move prices down, a sure sign of absorption. The sideways price action since the 26th of May was winding up like a coil spring and was released to the up side with a 19.25 point move from the break out point we warned about (Also a spring formation was present that penetrated the previous swing low at 2407.75 and ended the down move on the 31st of May and resulted in a up move of 33 points so far). A safe long entry at our break out zone at 2416.50 warned about yesterday, could have yielded 18.50 points or $925 per contract, at the current price level of 2435 with the all-time new high of 2435.75 at the moment. No signs of supply entering the market at the moment, only a little bit of selling pressure is developing, probably due to profit taking. The Elliott wave projection target at the moment is around 2459 (234 min) and 2545 (daily) for the longer term, but watch out for a pullback (big or small) that can occur. Join FB group "Trading For An Income" : https://www.facebook.com/groups/1832814697041353/ RISK DISCLOSURE: The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading. Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith. |